SOURCE: AMG Advanced Metallurgical Group N.V.
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March 27, 2008 02:00 ET
AMG Subsidiary Announces Solar Grade Silicon Supply Agreement with Q-Cells AG
AMSTERDAM, NETHERLANDS--(Marketwire - March 27, 2008) -
Amsterdam, 27 March 2008 --- AMG Advanced Metallurgical Group N.V.
(EURONEXT AMSTERDAM: AMG) today announced that its 50.5% owned
subsidiary Timminco Limited (TSX: TIM), through its wholly-owned
subsidiary, Bécancour Silicon Inc. ("BSI") has announced that it has
entered into an agreement to supply solar grade silicon to Q-Cells
AG. In its press release Timminco stated:
Under the terms of the agreement, BSI will supply Q-Cells with
contractually fixed supplies of 410 metric tons (mt) in 2008 and
3,000 mt in 2009 at fixed prices. The deliveries start immediately.
Until the end of July 2008 the partners will negotiate a further
contract on the delivery of up to 6,000 mt per year in the years 2010
to 2013. The price for these possible further supplies will be
negotiated contingent upon market conditions. With this contract
Q-Cells will become BSI's largest customer for solar grade silicon in
2009.
This agreement represents BSI's fifth long-term commercial contract
for the sale of high purity silicon. In the event that Q-Cells and
BSI agree to extend the contract to 6,000 mt per year for the period
2010 to 2013, this contract would raise the committed deliveries of
BSI's solar grade silicon business to 12,000 mt per year beginning in
2010. On February 22, 2008 Timminco announced the expansion of BSI's
solar grade silicon capacity to 14,400 mt per year, with the
incremental capacity fully on stream by the end of the second quarter
of 2009.
"BSI has developed a proprietary process which enables it to produce
solar grade silicon by purifying metallurgical silicon. Q-Cells has
tested unblended material from BSI extensively and has obtained very
good results in cell production", said Mr. Anton Milner, CEO of
Q-Cells.
"This contract represents a giant step for our solar grade silicon
business. Q-Cells is a leader in the photovoltaic industry and their
endorsement of our material through this supply agreement is further
evidence of the paradigm shift we are creating in the solar grade
silicon market." said Mr. René Boisvert, President and CEO of BSI.
About AMG
AMG, incorporated in the Netherlands, is a global leader in the
production of highly engineered specialty metal products and advanced
vacuum furnace systems. AMG serves growing industries worldwide with
its unique combination of metallurgical engineering expertise and
production know-how. AMG is a market leader in many of its products
and systems, which are critical to the production of key components
for the aerospace, energy (including solar and nuclear), electronics,
optics, chemicals, construction and transportation industries. AMG
has two operating divisions of businesses, Advanced Materials and
Engineering Systems, and owns a majority interest in publicly-listed
Timminco Limited (TSX: "TIM").
The Advanced Materials Division develops and produces niche specialty
metals and complex metals products, many of which are used in
demanding, safety-critical, high-stress environments. AMG is one of
a limited number of significant producers globally of niche specialty
metals, such as ferrovanadium, ferronickel-molybdenum, aluminum
master alloys and additives, chromium metal and ferrotitanium, used
by steel, aluminum, chemical and superalloy producers for aerospace,
automotive, energy, electronics, optics, chemicals, construction and
other applications. Other key products produced by AMG include
specialty alloys for titanium and superalloys, coating materials,
tantalum and niobium oxides, vanadium chemicals and antimony
trioxide.
The Engineering Systems Division designs, engineers and produces
advanced vacuum furnace systems and operates vacuum heat treatment
facilities. AMG is a global leader in supplying
technologically-advanced vacuum furnace systems to customers in the
aerospace, energy (including solar and nuclear), transportation,
electronics, superalloys and specialty steel industries. Examples of
furnace systems produced by AMG include vacuum remelting, solar
silicon melting and crystallization, vacuum induction melting, vacuum
heat treatment and high pressure gas quenching, vacuum precision
casting, turbine blade coating and sintering. AMG also provides
vacuum case-hardening heat treatment services on a tolling basis to
customers through facilities equipped with vacuum heat treatment
furnaces.
Timminco Limited is a majority controlled, publicly-listed subsidiary
of AMG. Timminco is a leader in the production of upgraded
metallurgical silicon for the rapidly growing solar photovoltaic
energy industry. Timminco also produces silicon metal and magnesium
products for use in a broad range of industrial applications.
AMG operates globally with production facilities in Germany, the
United Kingdom, France, the United States, Canada, Mexico, Brazil and
Australia and also has sales and customer service offices in Belgium,
Russia, China and Japan (website: www.amg-nv.com).
For further information please contact:
AMG Advanced Metallurgical Group N.V. +1 610 293 2508
Bill Levy
Chief Financial Officer
blevy@amg-nv.com
Timminco Ltd. +1 416 364 5171
Robert Dietrich
Executive Vice President and CFO
rdietrich@timminco.com
Disclaimer
Certain statements in this press release are not historical facts and
are "forward looking". Forward looking statements include statements
concerning AMG's plans, expectations, projections, objectives,
targets, goals, strategies, future events, future revenues or
performance, capital expenditures, financing needs, plans and
intentions relating to acquisitions, AMG's competitive strengths and
weaknesses, plans or goals relating to forecasted production,
reserves, financial position and future operations and development,
AMG's business strategy and the trends AMG anticipates in the
industries and the political and legal environment in which it
operates and other information that is not historical information.
When used in this press release, the words "expects," "believes,"
"anticipates," "plans," "may," "will," "should," and similar
expressions, and the negatives thereof, are intended to identify
forward looking statements. By their very nature, forward looking
statements involve inherent risks and uncertainties, both general and
specific, and risks exist that the predictions, forecasts,
projections and other forward looking statements will not be
achieved. These forward looking statements speak only as of the date
of this press release. AMG expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward looking statement contained herein to reflect any change in
AMG's expectations with regard thereto or any change in events,
conditions or circumstances on which any forward looking statement is
based.
AMG Subsidiary Announces Solar Grade Silicon Supply Agreement with Q-Cells
AG: http://hugin.info/138060/R/1203692/246865.pdf
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